{"id":22491,"date":"2024-12-03T16:08:05","date_gmt":"2024-12-03T15:08:05","guid":{"rendered":"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/?p=22491"},"modified":"2024-12-03T16:25:57","modified_gmt":"2024-12-03T15:25:57","slug":"resilience-key-to-the-future-of-entrepreneurs-and-small-businesses-antoni-ballabriga-global-head-of-sustainability-intelligence-advocacy-at-bbva","status":"publish","type":"post","link":"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/resilience-key-to-the-future-of-entrepreneurs-and-small-businesses-antoni-ballabriga-global-head-of-sustainability-intelligence-advocacy-at-bbva\/","title":{"rendered":"&#8220;Resilience, key to the future of entrepreneurs and small businesses&#8221;. Antoni Ballabriga, Global Head of Sustainability Intelligence &#038; Advocacy at BBVA"},"content":{"rendered":"<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-right\"><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/22491?print=pdf\" class=\"pdfprnt-button pdfprnt-button-pdf\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/pdf.png\" alt=\"image_pdf\" title=\"View PDF\" \/><\/a><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/22491?print=print\" class=\"pdfprnt-button pdfprnt-button-print\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/print.png\" alt=\"image_print\" title=\"Print Content\" \/><\/a><\/div><p><span style=\"font-weight: 300;\">Every company faces crises and difficult times throughout its lifecycle\u2014moments that challenge its survival. <strong>For small and medium-sized enterprises (SMEs), their future depends not only on their current competitiveness but also on their resilience\u2014their ability to recover from adversity<\/strong>. This need for resilience is particularly pressing in developing economies, where there is often a lack of sufficient support mechanisms from governments and institutions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 300;\"><strong>Micro and small businesses form the economic backbone of many communities<\/strong> and face not only the typical challenges of economic sustainability that come with running a business but also the growing impacts of major risks like climate change, which are increasingly evident. Now more than ever, as financial institutions, we\u00a0 have a responsibility\u2014and an opportunity\u2014to become strategic partners, helping to strengthen these businesses\u2019 capacity to adapt and promote inclusive and sustainable growth while ensuring their long-term viability.\u00a0<\/span><\/p>\n<h3><strong>Economic Resilience: More Than Just Numbers<\/strong><\/h3>\n<p><span style=\"font-weight: 300;\">The first line of defense for any business during a crisis is its financial health. <strong>But how can we ensure that a small business or entrepreneur can withstand the impact of a financial shock?<\/strong> The answer lies in something as fundamental as encouraging formalization. <strong>Many small businesses operate informally, leaving them more vulnerable and limiting their access to essential financial tools like credit, insurance, or even savings accounts<\/strong>. The role of the financial sector is to open doors: to incentivize their entry into the formal economy and support them with solutions tailored to their realities and needs.<\/span><\/p>\n<p><span style=\"font-weight: 300;\">Formalization, however, is only the beginning. <strong>It is also essential to promote financial education programs<\/strong> that help SMEs better manage their cash flow, plan investments, and handle debt responsibly. Together with tailored financial solutions, microinsurance, and savings accounts, these programs create a comprehensive support system that reinforces stability and their capacity to respond to unforeseen\u00a0 events. This is the commitment of the BBVA Microfinance Foundation (BBVAMF) and BBVA in all the markets where we operate.<\/span><\/p>\n<p><strong>Climate Resilience: The Challenge of the Century<\/strong><\/p>\n<p><span style=\"font-weight: 300;\">According to the World Economic Forum, more than half of global GDP depends significantly on natural capital\u2014essential resources like forests, water, and soil, which are rapidly declining due to climate change. This is compounded by the increasing frequency and intensity of extreme weather events such as droughts, floods, heatwaves, wildfires, and cyclones. In 2023, the economic losses caused by these disasters worldwide exceeded $290 billion. In Latin America and the Caribbean,\u00a0 according to Swiss Re, only 32% of these costs were covered by insurance, leaving communities and economies even more exposed.<\/span><\/p>\n<p><span style=\"font-weight: 300;\">These climate-related risks have an even more profound impact on precisely these\u00a0 emerging economies in Latin America. <strong>A lack of infrastructure, combined with greater exposure to both climate and economic risks, creates an especially challenging scenario for small businesses<\/strong>. This is evident in key sectors such as agriculture, tourism, and manufacturing, where SMEs play a crucial role. These industries, which are vital to many local economies, face challenges that threaten not only their sustainability but also the indirect well-being of the communities that depend on them.<\/span><\/p>\n<p><span style=\"font-weight: 300;\">Faced with this reality, financial institutions have the challenge &#8211; and the duty &#8211; to act. How can we do this? First, by raising awareness and providing training. <strong>Many entrepreneurs are unaware of how climate change directly affects their businesses or what measures they can take to adapt. Our role is to equip them with the knowledge and tools to manage these risks, benefiting both their businesses and the communities they serve<\/strong>.<\/span><\/p>\n<p><span style=\"font-weight: 300;\">Additionally, an increasing number of financial institutions are offering credit solutions with pricing incentives tied to sustainable and resilient practices. A noteworthy example is the &#8220;Crediverde Adaptaci\u00f3n&#8221; loan offered by Banco Adopem, the microfinance institution of BBVAMF in the Dominican Republic. This initiative demonstrates how <strong>financing can be a powerful tool for fostering sustainability and resilienc<\/strong>e. <strong>Similarly, BBVA is financing SMEs to develop regenerative agricultural practices and implement efficient water management systems<\/strong>. No less important, climate insurance products -such as parametric insurance- are gaining prominence, offering immediate coverage against specific events. These products not only minimize losses but also offer peace of mind and stability to entrepreneurs who rely on predictable weather patterns to operate.<\/span><\/p>\n<p><span style=\"font-weight: 300;\">In conclusion, <strong>resilience is not a destination; it\u2019s a path that is built throughout the life of the companies. And on that journey, financial institutions have a responsibility to be reliable, innovative and committed partners.<\/strong> Let us continue working to ensure that small businesses remain the driving force of development and a catalyst for positive change in the world. As Nelson Mandela said, \u201cThe greatest glory in living, lies not in never falling, but in rising every time we fall.\u201d\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Every company faces crises and difficult times throughout its lifecycle\u2014moments that challenge its survival. For small and medium-sized enterprises (SMEs), their future depends not only on their current competitiveness but also on their resilience\u2014their ability to recover from adversity. This need for resilience is particularly pressing in developing economies, where there is often a lack [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":22493,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"tags":[4700,469,4850,349,6720,6033,6715,4785,1355,6706,6657,6719,897],"class_list":["post-22491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-cambio-climatico-en","tag-climate-change","tag-educacion-financiera-en-2","tag-financial-education","tag-financial-health","tag-formalizacion-en","tag-formalization-en","tag-pymes-en","tag-resilience","tag-resiliencia-en","tag-salud-financiera-en","tag-seguros-climaticos-en","tag-smes","numero-35-en","seccion-editorial-en","pais-america-latina-en","pais-latin-america","pais-spain"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Antoni Ballabriga BBVA writes about MSME resilience<\/title>\n<meta name=\"description\" content=\"Antoni Ballabriga, director of Sustainability Intelligence at BBVA, writes about initiatives to promote the resilience of SMEs\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/resilience-key-to-the-future-of-entrepreneurs-and-small-businesses-antoni-ballabriga-global-head-of-sustainability-intelligence-advocacy-at-bbva\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Antoni Ballabriga BBVA writes about MSME resilience\" \/>\n<meta property=\"og:description\" content=\"Antoni Ballabriga, director of Sustainability Intelligence at BBVA, writes about initiatives to promote the resilience of SMEs\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/resilience-key-to-the-future-of-entrepreneurs-and-small-businesses-antoni-ballabriga-global-head-of-sustainability-intelligence-advocacy-at-bbva\/\" \/>\n<meta property=\"og:site_name\" content=\"Progreso\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/fundacionmicrofinanzasbbva\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-03T15:08:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-03T15:25:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/uploads\/2024\/12\/Antoni-Ballabriga-Global-Head-of-Sustainability-Intelligence-Advocacy-at-BBVA.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1252\" \/>\n\t<meta property=\"og:image:height\" content=\"1251\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cristina\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@FMBBVA\" \/>\n<meta name=\"twitter:site\" content=\"@FMBBVA\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cristina\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/resilience-key-to-the-future-of-entrepreneurs-and-small-businesses-antoni-ballabriga-global-head-of-sustainability-intelligence-advocacy-at-bbva\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/resilience-key-to-the-future-of-entrepreneurs-and-small-businesses-antoni-ballabriga-global-head-of-sustainability-intelligence-advocacy-at-bbva\/\"},\"author\":{\"name\":\"Cristina\",\"@id\":\"https:\/\/progresomicrofinanzas.org\/revistaprogreso\/en\/#\/schema\/person\/cf80fbfed0e1db989213ebe755675079\"},\"headline\":\"&#8220;Resilience, key to the future of entrepreneurs and small businesses&#8221;. 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